Identify five financial aspects of your client's purchase of Rowton Cottage which you would need to discuss with him when receiving initial instructions to act for him in his purchase.

• A. All of the above
• B. Funding of the purchase
• C. The need for payment of a deposit on exchange
• D. Details of the firm's fees and disbursements

Answer: (A)

When you take on a buyer, you must cover how the purchase will be funded, including any mortgage arrangements and lender requirements, since this affects timing, documentation, and when funds are needed. You also need to discuss the deposit on exchange—how much it is, when it must be paid, and what happens if the client cannot meet it. Details of the firm’s fees and disbursements are essential so the client understands the expected costs, what those costs cover, and when payments are due. There are other financial considerations as well, such as anticipated searches, stamp duty land tax, and potential mortgage fees or insurance costs. Given these elements together, you would discuss all of the above.